ETH/USD short for now - Daily Chart
Considering the move that ETH/USD (as well as the crypto market) has done, it can be said that the bear market has been in effect since June. After we reached a high (wick not close) of $364.49 (coinbase), the profit taking commenced. We are closing in on month 4 of this bear market and we still have a few more pegs to drop.
Considering the .618 Fib that's around 145~ (we reached close to it 9/25/19) I believe we will revisit that region again. Currently in the short term ETH will be pushing toward the resistances around the 180s~ but with so many lines of resistances and general sentiment, I don't believe it will break above it to get on top of that MA 20/55 (Daily)
If we reach to test that, I believe it will fail and the short term profit takers (which you should be if you got in around 155-165) will take hold.
Accumulation and smart money will either buy around 140s and we can start the cycle again, or we break north and must stabilize around the 180-190s again.
Until that happens, Ill be waiting for the next dip down to start accumulating.
Considering the .618 Fib that's around 145~ (we reached close to it 9/25/19) I believe we will revisit that region again. Currently in the short term ETH will be pushing toward the resistances around the 180s~ but with so many lines of resistances and general sentiment, I don't believe it will break above it to get on top of that MA 20/55 (Daily)
If we reach to test that, I believe it will fail and the short term profit takers (which you should be if you got in around 155-165) will take hold.
Accumulation and smart money will either buy around 140s and we can start the cycle again, or we break north and must stabilize around the 180-190s again.
Until that happens, Ill be waiting for the next dip down to start accumulating.
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